Barrick Gold Corporation surged in the last two week as gold rises amid a global stock market correction. Where the stock price high rocketed to see gains as high as 26%. Now price is trading at key resistance of the bearish channel. Look closely to the performance of gold for the direction of price.
Bearish Reversal: Price rejects a breakout ...
I'll be watching ABX.TO tomorrow for a potential swing entry. My entry stop will be below the last hourly support and if I do take this trade, I will monitor any SPY consolidation to ensure my position is not in danger.
Key resistance 17.40
$ABX Bearish shooting star candle into earnings later today. Looking overbought on the daily chart. Expecting a near term price correction.
Targeting $10.00-11.50 range
Note: Informational analysis, not investment advice.
ABX seems ready to complete a potential 5 wave correction. A rejection on the upper trendline can indicate the starting point for the final E wave. If this is the case i'm expecting a strong breakout to the upside.
Attempting to put more pieces of the puzzle together, considering my ideas on the miners recently published, from what I have seen over the years, B / X waves or alike (as potentially marked on the chart with a black line) usually have a subsequent opposite move in price at the end of such a wave. Therefore, the move in gold from 2016 low would have ended with a ...
Same as my recent ABX, GDX chart.
PAAS appears to be playing along nicely with a sideways consolidation with classic text book decreasing volume, as well as other indicators looking encouraging, so would expect another pump higher regardless of wave count (either impulsive or corrective). HOWEVER, I have also seen breakdowns from these forming triangles, which I ...
Appears to me that for years there was a sideways consolidation, which bottomed in 2016. Then a strong move up, therefor the following questions:
1. Is this a new bull market and we have had W1 and are now (ending?) W2 at the 76 fib retrace level?
2. If not, have we had a strong upward A, now in B, yet to come strong upward C to break A highs?
3. An X wave of some ...
ABX triple downward wave is over. The exchange rate points towards the end of a triple wave structure decline. In the picture, in the area marked with quadratic angles, we expect uncertain low-speed motion. From this rectangle, a dual wave structure ascending motion can start. The primary target price is 13.01 usd.
Longer term trade setup for Canadians in RRSP or TFSA
Since no shorts can be taken in RRSP or TFSA in Canada be patient and plan out the longer term longs with the highest probability of working out.
The being patient part is still a significant challenge for myself.
Two options for entry if things work out and ABX gets this low.
Like anything else in life ...
ABX is on a multi year bullish flag, and possibly forming a multi month reverse H&S (speculative). After hitting te 0.618 fib retracement from this years' highs and coming down, if the multi year support trend line holds (~0.236 fib retracement), it could form the reverse H&S and end the year breaking out of the multi year downtrend resistance line, meeting around ...
Barrick Gold (ABX) Q1 Earnings In Line, Sales Beat Estimates. Technicals confirm bullish sentiment. RSI downtrend broke above. V bottom on higher TF. Coppock heading to break 0 line. FIB retracement 50-61.8%. Recently price of GOLD have stabilized finishing the downward movement since 2012. Expectation for appreciation in metal prices. Long-term BUY. Good Luck